What do condo owners collectively own in relation to the building?

Condo owners collectively own the common elements of the building. This refers to areas and features of the property that are shared among all the condo owners, such as hallways, pools, gardens, and amenities. These common elements are maintained for the benefit of all unit owners and are typically governed by the condo association.

The concept of common elements is crucial in a condominium structure because it highlights the shared nature of living in a condo community. While each owner has exclusive rights to their individual unit, the common areas are jointly owned by all unit owners, which fosters community engagement and cooperation.

In contrast, exclusive unit rights pertain to ownership of the individual unit only, legal title refers to the formal ownership of property that may apply to both common elements and individual units, and the entire building cannot be owned by one individual owner but rather is co-owned through the association. Understanding these distinctions is key to navigating condo ownership and the associated rights and responsibilities.